clear

cd "Write the path of data folder"

import excel Counterfactual.xlsx, sheet("Bargain") firstrow

replace Group1 = Group1*100

replace Group2 = Group2*100

replace Group3 = Group3*100

replace Group4 = Group4*100

		
* Figure 1: Lower Figure

twoway (line Group1 Multiple, color(black) lpattern(line)) (line Group2 Multiple, color(black) lpattern(dash)) ///
(connected Group3 Multiple, color(black) lpattern(dott)) (connected Group4 Multiple, color(black) lpattern(longdash)), ///
xsc(reverse) graphregion(color(gs15)) ///
xtitle(Proportions of Acquirer's Bargaining Power) ytitle(Counterfactual Fees (%)) ///
xlabel(1(0.02)0.8) ylabel(0(0.5)1.5, format(%9.2fc))
		
